What is business protection life insurance?
Business Loan Protection is a type of insurance that is used to protect the life of the key person of a business such as a director. Life insurance pays a lump sum specifically to pay the debts or liabilities on the key person.
How does it protect?
When the key person dies, lenders retain the right to ask that business clear the outstanding balance in case of any financial agreement that took place with the key person.
What is the key person insurance?
The insurance is designed to keep a business going, It helps a business to deal with the loss of a key person, by paying for the profit that is being lost and also to hire the new key person. It can also be used to pay in the event of winding up the business when a certain credit or loan needs to be cleared.
Key person cover comes out to play in an event of the death of any key person of a business or when the key person is seriously ill or injured.
- The protection is available in two different forms- Life Cover and Critical Illness Insurance
- In general, life insurance is protection against the death of the key person.
- Critical illness cover pays off in the event of serious illness/injury.
Relevant life insurance
Relevant life insurance is designed to provide amazing tax-efficient life insurance for key persons or company directors.
This can be utilized to provide life insurance for key persons within the organization beyond directors.
When you run your life cover through the business you operate, it can help you save on corporation tax, income tax as well as national insurance payments as compared to opting for policy separately.
For more details on any of the above cover, feel free to connect with our professionals
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
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